Pradhan Mantri MUDRA (Micro Units Development and Refinance Agency) Yojana
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Pradhan Mantri MUDRA (Micro Units Development and Refinance Agency) Yojana
Hello Bankers daily Aspirants,
It’s time for us to recollect the importance of MUDRA Yojana. As IBPS RRB PO INTERVIEW is going to be get started in 20th December. As per as IBPS RRB is concerned most of question will be related to nativity, farmer’s schemes, MSMEs etc…. So let’s discuss about the most important Scheme Pradhan Mantri MUDRA (Micro Units Development and Refinance Agency) Yojana.
Pradhan Mantri MUDRA (Micro Units Development and Refinance Agency) Yojana
Launched by:
- Prime Minister: Narendra Modi
On:
- 8 April 2015
About MUNDRA:
Micro Unit Development and Refinance Agency is a public sector financial institution in India. It provides loan at low interest rate to micro finance Institution and non- banking financial institution. Micro Units Development and Refinance Agency Limited (MUDRA) has been set up for ‘funding the unfunded’ micro enterprises in the country.
MUDRA Bank
- Headquarters: Mumbai
- Official Website: mudra.org.in
Those eligible to borrow from MUDRA bank are
- Small manufacturing unit
- Shopkeepers
- Fruit and vegetable vendors
- Artisans
Initially MUDRA Banks were setup the scheme Pradhan Mantri MUDRA Yojana scheme. The bank will have an initial capital of Rs.200 billion and a credit guarantee fund of Rs.30 billion. The bank initially functioned as Non banking financial company and a subsidiary of the SIDBI(Small Industries Development Bank of India).
The bank will classify its clients into three categories and the maximum allowed loan sums will be based on the category:
Easy, loans without guarantee under three categories –
- Shishu
- Kishore
- Tarun
Shishu: Allowed loans up to ₹50,000
Kishore: Allowed loans up to ₹5 lakh
Tarun: Allowed loans up to ₹10 lakh
Loans more than Rs. 1.80 lakh crore disbursed to over 4 crore borrowers in 2016-17 FY as per data available till 13.04.2017
Budget allocation for 2017-18 doubled to Rs.2.44 lakh crores against Rs. 1.22 lakh crores in 2016-17
More than 70% of the loans has been availed of by women entrepreneurs
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